HSBC Plans Expansion of Tokenized Deposit Services to U.S. and UAE

According to Foresight News, HSBC Holdings Plc is set to expand its tokenized deposit services to corporate clients in the United States and the United Arab Emirates by the first half of next year. Currently, HSBC offers these services in Hong Kong, Singapore, the United Kingdom, and Luxembourg, supporting transactions in euros, pounds, dollars, Hong Kong dollars, and Singapore dollars. Manish Kohli, HSBC's Global Head of Payments Solutions, stated that the bank is also exploring the stablecoin sector. HSBC is in discussions with several stablecoin issuers to potentially provide reserve management and settlement account services. The bank has not ruled out the possibility of issuing stablecoins independently or in collaboration with other banks in the future.